It is safe to say President Donald Trump is “nacho” run-of-the-mill president.
Wall Street traders have a new acronym for the president’s Iran war stalemate – “NACHO” – “Not A Chance Hormuz Opens.”
This refers to the Strait of Hormuz blockade which has kept oil markets on edge.
Trader are becoming more skeptical of the Trump’s ability to reopen the strait.
Bloomberg columnist Javier Blas revealed “NACHO” on Wednesday, citing a trader.
The strait has been effectively closed since the U.S.-Israeli strikes on Iran started Feb. 28.
Before the conflict, the Strait of Hormuz was one of the world’s busiest energy routes, carrying roughly a fifth of the global oil supply.
Oil prices continued to climb Wednesday, with Brent crude surpassing $114 a barrel and U.S. benchmark West Texas Intermediate going over $103.
According to the American Automobile Association, Wednesday also saw U.S. gas prices climb to their highest level since the start of the war, reaching a nationwide average of $4.23 per gallon.
Overall, gasoline costs have surged by $1.25 per gallon, more than 40%, since February.
In 2025, Wall Street had a different code to help traders stay cool and navigate Trump’s whiplash-inducing tariffs policy.
TACO – meaning “Trump Always Chickens Out” — was hatched.
Reportedly first coined by Financial Times columnist Robert Armstrong, TACO gained traction among investors who are profiting from what they claimed was a predictable pattern.
Trump threatened steep tariffs, the markets plunge, and days later, he backs off in a way that prompts a rebound.
Early Wednesday morning, Trump posted an AI-generated image of himself armed with a gun and warning Iran to “get smart soon”, as attempts to restart negotiations hang in a balance.
